A Trump Credit Card? Top Advisor Suggests New Method to Pay Instead of Industrywide Cap
Donald Trump’s top economic advisor has floated the idea of a new “Trump card” that would avoid the need for an industry-wide credit cap, in what appears to be the latest attempt to cash in on the presidency. This comes on the heels of Trump's recent calls for credit card companies to cap interest rates at 10 percent, claiming that Americans were being “ripped off.”
Kevin Hassett, director of the National Economic Council, suggested that the new “Trump cards” would be voluntarily provided by banks, potentially eliminating the need for legislation. He told Fox News’s “Mornings with Maria” that the administration had been in contact with banks about the new “Trump cards,” stating that the banks are on board with the idea.
This is not the first time Trump has attempted to capitalize on his presidency. He has launched a range of merchandise, including phones, watches, sneakers, guitars, and bibles, though some have not been the success he may have hoped for. For example, the $500 golden T1 cell phone that Trump's family business promised to release last year is still not available, and the presidential timepieces have received mixed reviews, with many customers leaving Trump-like reviews blasting the operation as a “scam.”
Despite the mixed reception, Trump continues to explore new ways to monetize his presidency. The financial disclosure report from the Office of Government Ethics revealed that the president had made over $10 million selling branded merchandise. The report detailed the profits from various products, including watches, books, sneakers, fragrances, and guitars, showcasing the diverse range of items Trump has sold to his supporters.
As Trump’s advisor suggests a new method to pay instead of an industrywide cap, the question remains whether this will be a successful venture. The history of Trump’s merchandise endeavors suggests that while some have been well-received, others have fallen short. The key to success will likely lie in the details of the new “Trump card” and the banks’ willingness to participate.
